The world's most costly disasters
Source: Agencies |
March 24, 2011, Thursday
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Print Edition
Print Edition
JAPAN'S government has estimated the direct damage from the earthquake and tsunami that struck the country's northeast cost as much as US$310 billion, making it the world's costliest natural disaster.
Tokyo said the estimate covered damage to roads, homes, factories and other infrastructure, and eclipses the losses incurred by other natural disasters such as the 1995 Kobe quake and Hurricane Katrina in 2005.
The figure could go even higher, as the estimate does not include losses in economic activity from planned power outages or the broader impact of a crisis at the stricken nuclear power plant in Fukushima, which economists say pose the biggest risks to the economy.
"The impact from the planned power outages is likely to be significant," Fumihira Nishizaki, director of macroeconomic analysis at the Cabinet Office, said.
The upper end of the 16-25 trillion yen (US$197-308 billion) estimate range would amount to about 6 percent of the country's gross domestic product.
"This quake will cause the condition of Japan's economy and output to be severe," Bank of Japan Governor Masaaki Shirakawa told a parliamentary committee.
Speaking separately, central bank board member Ryuzo Miyao repeated the bank's pledge to take appropriate policy action.
In its initial response to the disaster, the central bank doubled the funds earmarked for purchases of a range of assets and started pumping record amounts of cash into the money market.
It later joined forces with other G7 central banks to keep a rallying yen from inflicting further damage.
Tokyo said the estimate covered damage to roads, homes, factories and other infrastructure, and eclipses the losses incurred by other natural disasters such as the 1995 Kobe quake and Hurricane Katrina in 2005.
The figure could go even higher, as the estimate does not include losses in economic activity from planned power outages or the broader impact of a crisis at the stricken nuclear power plant in Fukushima, which economists say pose the biggest risks to the economy.
"The impact from the planned power outages is likely to be significant," Fumihira Nishizaki, director of macroeconomic analysis at the Cabinet Office, said.
The upper end of the 16-25 trillion yen (US$197-308 billion) estimate range would amount to about 6 percent of the country's gross domestic product.
"This quake will cause the condition of Japan's economy and output to be severe," Bank of Japan Governor Masaaki Shirakawa told a parliamentary committee.
Speaking separately, central bank board member Ryuzo Miyao repeated the bank's pledge to take appropriate policy action.
In its initial response to the disaster, the central bank doubled the funds earmarked for purchases of a range of assets and started pumping record amounts of cash into the money market.
It later joined forces with other G7 central banks to keep a rallying yen from inflicting further damage.
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